An insurance policy premium of USD 1,200 was paid on 2020 September 1, to cover a one-year period from that date. An asset was debited on that date. Adjusting entries are prepared once a year, at year-end. The necessary adjusting entry at the company’s year-end, 2010 December 31, will be:   Group of answer choices Debit Prepaid insurance 400, credit Insurance expense 400 Debit Insurance expense 800, credit Prepaid insurance 800 Debit Prepaid insurance 800, credit Insurance expense 800 Debit Insurance expense 400, credit Prepaid insurance 400

1. An insurance policy, good for one year, was purchased on April 1, 2020 and has a valueof $25,000.a) Write the journal entry to record the original purchase of the insurance policy onApril 1.b) Write the adjusting journal entry required on April 31, 2020 to reflect the use of onemonth of the insurance service. What, concerning Insurance, would appear on theBalance Sheet? What would appear on the Income Statement?c) Write the adjusting journal entry required on May 31, 2020 to reflect the use of onemore month of the insurance service. What, concerning Insurance, would appear onthe Balance Sheet? What would appear on the Income Statement?

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On June 1, 2022, Superior Insurance Company collected $420,000 for a 2-year insurance policy beginning on the same date. The company has a December 31 year end. What is the balance of the unearned revenue account after adjusting entries on December 31, 2023? (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) Group of answer choices $87,500 $297,500 $210,000 $122,500